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Shopping for auto warranties insurance can be an interesting process. The industry is full of special deals and specialty providers, making it hard to make an informed decision. However, you can cut time out of the process and help meet your needs by keeping the following five tips in mind.
Tip 1: Consider Your Needs Carefully
When buying auto warranties insurance, you should carefully consider your needs. You should be able to clearly articulate what you want out of your policy and also to define what elements of coverage are the most important to you. This will help you choose a policy that truly meets your needs instead of simply choosing a policy because you feel like you should have a policy in place.
With cars staying on the road longer than ever, having auto warranties insurance can create significant savings for you. However, it will only be possible to maximize your savings if you know which parts of the coverage you are going to need most and which parts are less important. In this way, you can pay for the elements you need and skip paying for all of the bells and whistles that are unimportant.
Tip 2: Read The Fine Print
One issue that many people have with auto warranties insurance is the fine print. Hidden down in the depths of the policy are notes about required maintenance plans, preferred mechanics locations, and exclusions that eliminate your coverage. You will find that it is well worth your time to go digging into the fine print of your policy to ensure that you are really getting a plan that meets your needs.
In some cases, you will find that the fine print will steer you to another plan. This is why you need to read it, so that you can do an accurate apples to apples comparison between policies before locking into a plan contract.
Tip 3: Bundle For Savings
When you buy auto warranties insurance from a mainline carrier, you may be able to bundle your plan with your regular vehicular coverage. This can save you money, as can bundling with other insurance plans, such as a homeowners’ policy.
Having multiple vehicles on the same plan may also result in bundling savings. Check the policy’s fine print to see what savings are available, or ask the underwriter directly about bundling savings options.
Tip 4: Look At Routine Servicing Vs. Emergency Replacement
Buying auto warranties insurance can make you evaluate your maintenance activities more. To see whether or not the plan is really a good deal for you, it will be important to understand what you are spending on vehicle serving at present. This will help you do a cost benefit analysis of what the plan really offers.
For example, if you only want emergency replacement for major parts, you should be able to get a relatively low cost plan. You’ll pay smaller vehicular expenses out of pocket, but you’ll be covered for big repairs. This can help you save more with the premium.
On the other hand, if most of your money goes to routine maintenance issues, you may want to look at an auto warranties plan that includes maintenance coverage. This may hit you with a higher premium, but you will make it up in saved servicing fees.
Tip 5: Check Your Dealer
Dealers often get a bad rap when it comes to auto warranties insurance. This is because many try to push it on new car buyers, giving them the impression that it is a gimmick. The reality is that your dealer may be able to give you a great deal on auto warranties insurance.
You don’t have to purchase the auto warranties at the same time as you buy your car. On the contrary! Most dealers sell auto warranties insurance at any time, and even if you didn’t buy the car at their lot. They are interested in having the business.
The only thing to watch for here is brand specific auto warranties backed by the manufacturer. This is important as if the manufacturer folds, the coverage will be void. Thus, you may want to get an independent dealers auto warranties insurance policy.
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Auto warranties insurance is a little different than traditional auto insurance. Rather than being designed to protect you as you are driving from collisions, this insurance form is designed to help you keep your car on the road longer. As a result, the features and benefits of auto warranties need to be considered separately from other kinds of auto insurance.
It is also important to separate auto warranties insurance from extended service plans. Extended service plans are generally tied to a specific mechanic’s location, and may only cover routine maintenance and not breakdowns or other issues. Though popular, these are different than an auto warranty, which covers parts and breakdowns in addition to servicing costs. Another difference is that while extended service plans can be transferable when the vehicle is sold, auto warranties are yours and do not necessarily transfer.
Auto warranties insurance can be bought from mainline insurance companies, auto manufacturers, and specialty groups. You should research the offerings from each careful to be sure you are getting the best deal for your vehicle. It is also important to note that you can buy auto warranties long after the original purchase, so there is no need to succumb to a high pressure sales situation at the dealership when you first purchase your vehicle.
Information Needed For Auto Warranties Insurance Quotes
To get an auto warranties quote, you should have the vehicle information handy. You will need the Vehicle Identification Number, make, model, and insurance information. You should also be prepared to answer questions about the repair history of the vehicle.
Auto warranties insurance is highly customizable. You should be able to articulate whether you want interior parts coverage, body work coverage, or a complete package. Though many quotes are automated and done over the Internet, don’t be afraid to call directly to talk about questions on your quote.
Common Auto Warranties Insurance Policy Features
Though they are highly customizable, there are some common policy features for auto warranties. These features are:
- Parts coverage. This coverage may be for all interior parts, or it may be for certain elements of the transmission and power steering column. Read the plan carefully to know what is or isn’t coverage.
- Wear and tear insurance. Many breakdowns are caused by simple wear and tear on the vehicle instead of a faulty part. Some auto warranties offer coverage for wear and tear, and this can certainly be a valuable investment on older vehicles.
- Body coverage. The exterior of the vehicle is not immune to the elements, but with an auto warranties program that includes exterior parts, you can keep your car looking new.
There are additional common additions to auto warranties policies. Most of these additions have to do with installations for the vehicle, such as coverage for installed electronics such as a DVD player or TV.
Auto Warranties Insurance Discounts Available
Some auto warranties insurance policies can be combined with other vehicle coverage elements, creating a multiple policy discount. You may also be able to get a discounted rate from the original vehicle manufacturer. Association memberships, such as AAA, may also help you get a discount.
Auto Warranties Insurance Exclusions To Note
Though auto warranties can be extremely flexible, the variation in the industry means that there are also lots of possibilities for exclusions. You need to read all policies carefully and see what the fine print has to say about aspects of maintenance and repair you are concerned about with your car.
High mileage is a common factor, as some parts may not be covered after a certain point. Even extended packages may not cover what you need unless you specifically seek out that solution.
High performance vehicles are also often excluded from auto warranties insurance. In many cases this has to do with the high price of replacement parts. Shopping around may yield you an insurance provider, but it will be easier to insure a regular vehicle than a high performance car.
Finally, racing vehicles are generally excluded. You may be able to get a special endorsement for racing, but check carefully to ensure you are not paying for an auto warranties policy that doesn’t really meet your needs.
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